From AOL / AP:
Libya declared an immediate cease-fire Friday, trying to fend off international military intervention after the U.N. authorized a no-fly zone and “all necessary measures” to prevent the regime from striking its own people. A rebel spokesman said Moammar Gadhafi’s forces were still shelling two cities.
The United States said a cease-fire announcement was insufficient, calling on the regime to pull back from eastern Libya, where the once-confident rebels this week found themselves facing an overpowering force using rockets, artillery, tanks, warplanes.
Eastern Libya has the majority of Libya’s oil reserves – the largest in Africa. Oil prices slid after the cease-fire announcement, plunging about $2.50 in the first 15 minutes of New York trading. By midday, they stood at $101…
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